Will It Fly, And Will It Be The First Of Many

After months of twisting and turning, the City of Vallejo, California has finally sought bankruptcy protection. Police and fire salary and benefit costs make up roughly 75% of the City's budget, so it's no surprise that Target #1 in bankruptcy will be voiding union contracts and reducing perhaps both wages and benefits. The experts are already chiming in on whether the City's bankruptcy petition is well taken. One thing for sure -- if Vallejo is successful, other cities facing similar financial burdens will consider the same approach. Link